Walnut Creek, CA—April 12, 2019—Newport Group, Inc. (“Newport Group”) and PNC Bank, National Association (“PNC Bank”) announced today that the two companies have entered into a definitive agreement by which Newport will purchase the Vested Interest® defined contribution plan recordkeeping business from PNC Bank. Terms of the transaction were not disclosed.
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Newport Group's expertise will be front and center at the 2019 National Association of Plan Advisor's (NAPA) 401(k) Summit.
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Highlighting Key Recognition for Newport Group
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Bank-owned life insurance (BOLI) has been widely accepted by banks of all sizes for well over two decades, and the number of BOLI policies on bank balance sheets has increased steadily during that time. As of September 30, 2018, approximately 3,500 U.S. banks reported owning BOLI, which in aggregate totals over $190 billion of cash value.
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Abbott Laboratories secured a Private Letter Ruling (PLR) from the IRS, allowing them to make an employer contribution to their 401(k) plan on behalf of employees who are making student loan payments.
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Non-qualified plans are an excellent tool to help retain, attract and reward executives or highly compensated employees. These plans can provide participants additional tax-deferred benefits above the levels available in their 401(k) plan.
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Newport Group helped a large conglomerate see the “big picture” of its executive compensation structure and provided a vision for long term improvements.
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Workers who save for retirement in their employer’s 401(k) plan generally don’t have access to their savings until they change jobs or retire – unless they suffer a financial hardship.
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